Inflation in the United States is rising at its fastest rate so far this century. At 4 percent, according to one index, it is double the Federal Reserve’s target.

We look at why prices are on the rise and at the tense political moment they have created.

Guest: Jim Tankersley, a White House correspondent for The New York Times. 

Sign up here to get The Daily in your inbox each morning. And for an exclusive look at how the biggest stories on our show come together, subscribe to our newsletter. 

Background reading: 

• Supply chain disruptions, a worker shortage and pain at the gasoline pump have made inflation an economic and political problem for the White House.
• Pressure is on the Federal Reserve and the Biden administration as they try to calibrate policy during a tumultuous period.

For more information on today’s episode, visit nytimes.com/thedaily. Transcripts of each episode will be made available by the next workday. 

Unlock full access to New York Times podcasts and explore everything from politics to pop culture. Subscribe today at nytimes.com/podcasts or on Apple Podcasts and Spotify.